Ireland and Portugal are following Britain's lead with changes to their visa program.
“There is an interesting paradox countries are grappling with—on the one hand, they want investment,” Will Harvey, a professor at the University of Bristol, told Bloomberg. “The flip side of it is a big political trend around the optics of very wealthy investors from overseas having a privileged status at a time when there are a lot of challenges for large swathes of society.”
Golden visas became a thing after the 2008 financial crisis, with countries like Portugal, Ireland, Greece and Spain offering them as a way to attract investment. Since then, they’ve brought in billions of dollars, as millionaires sought easierHigh-net-worth individuals flocked to Portugal, for example. There, an estimated net inflow of 1,300 millionaires occurred last year, according to data from Henley & Partners and New World Wealth.
Yet these programs don’t come without their detractors. Opponents have argued that they drive up real estate prices, making buying a home unattainable for locals with lesser means. In fact, the prime minister of Portugal cited housing issues in the country’s decision to end its golden visa program. While the demise of these programs signals a change in the way international travel and residency is handled, it’s not necessarily the complete end of the practice. Some believe that it’s simply a matter of time before it’s reintroduced in other forms. “These programs have opened and closed in many different countries for a very very long time,” Nuri Katz, the founder of a citizenship-by-investment services firm, told Bloomberg.
Plus, these sorts of programs have expanded well beyond Europe, to places like the Caribbean and Australia. So wealthy investors looking to land elsewhere still have many far-flung locales to choose from.
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